Edit: as I posted this, several other folks posted something similar.
There's more to being in the HOF than gaudy stats. I can't believe that everyone seems to have forgotten how fearless Reed was going over the middle and making catches where no one else would. His YAC was always way up there. He was, hands down, one of the gutsiest receivers with some of the best hands of anyone I've ever seen. When you then factor in his career stats, which were gaudy when he retired, I don't see how he isn't in the HOF already. The league --- and the HOF --- is full of flashy receivers. Reed wasn't flashy. But he was the absolute best at what he did --- catching balls over the middle in traffic. For example:
http://www.youtube.com/watch?v=4RcIJ2rLMUQ